Is Self-Funding Employee Benefits In Your Reach?
For many middle market employers (50-1000 employees), the idea of self-funding their health benefits can seem out of reach. Mid-market employer groups often have mile-long to-do-lists and the added responsibility of administering a self-funded health plan can be daunting. Too often the mantra seems to lean toward the status quo of “Why not let the insurance carrier handle everything, even if we’re ultimately paying more for health insurance and turning over any unused premium dollars every year?”
What if administering a self-funded health plan could become easy to understand and provide long-term cost savings. Enter Exude’s Solution Builder Consortium program. Often described as “self-funding with training wheels” Exude Solution Builder is a safe, cost-effective way for employers to self-fund their healthcare benefits.
Exude Solution Builder uses group purchasing power to leverage discounted rates on stop loss insurance. Current total funding in the Consortium exceeds $380 million. Each group has their own claim fund (bank account) and is able to enjoy the benefits of self-funding on their own with the protection of the Consortium backing them. The “training wheels” help eliminate the pitfalls of stand-alone self-funded and level-funded products and provide guaranteed renewals and 100% surplus return. Any unused claim fund dollars at the end of the year are available for the employer to use. The other values of the Consortium include:
- Healthy balance of fixed costs vs. claim funding
- You’ll know what you’re paying upfront with no hidden fees
- Control over benefits and choice of ASO/TPA partner
- Pick the company that you’d like to use as the Administrator and customize the plan to fit your needs
- Full transparency of all claims and premium
- Detailed accounting and data analytics reports
- No risk sharing or capital investment
- Each employer group has a separate account and none of the funds are shared
To round out the benefits of the program, Compliance Resources, Nurse Navigation and Health Coaching services are all included for Consortium Members.
Self-funding does not have to be scary. Your fully insured or stand-alone self-funded program is riskier! Talk to the Employee Benefits Team to learn more about the program and receive a proposal.
Written by Jenn Kristovensky Marketing Manager at Benecon & ConnectCare3